A Return Of Premium Life Insurance Policy Is Quizlet. If the insured person dies prior to the end of the term, the return of premium benefit is not paid in addition to the face amount. To keep traditional life insurance policies active, you make monthly or annual payments that are not refundable.
Return of premium is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured. Return of premium insurance refunds your life insurance payments if you outlive the policy’s term, but comes with some caveats. Return of premium life insurance increasing term insurance policy that pays an additional death benefit to the beneficiary equal to the amount of the premiums paid whole life insurance
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However, it is less expensive compare to the whole life or universal life insurance policy. Return of premium is an optional rider that can be added to critical illness and disability insurance policies. A) renewable b) level c) increasing d) decreasing return of premium (rop) life insurance is an increasing term insurance policy that pays an additional death benefit to the beneficiary equal to the amount of the premiums paid. A return of premium life insurance (rop) refunds the premiums you paid if you live through the term of your policy.
